Word: chapter
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Dates: during 2000-2009
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...that's if things go according to plan. Holders of $27 billion in GM bonds have refused the company's debt-for-equity swap, making bankruptcy all but inevitable. For purist capitalists, the lasting significance of GM's pending Chapter 11 (and Chrysler's bankruptcy, filed a month ago) is the overwhelming intrusion into the private sector by Barack Obama and his auto task force at Treasury. "The day they fired the CEO of General Motors" - Rick Wagoner was dismissed by task-force co-chairman Steve Rattner in late March - "is a day we will look back on with great...
...Politics of Haircuts GM followed Chrysler toward bankruptcy like the next car on a roller coaster. The path was clear: if Chapter 11 was necessary to restructure the smaller, privately owned company, it would surely be needed to resolve the troubles of the publicly held behemoth. But simply seeing where things were headed didn't change the fact that it would be a wild ride...
General Motors' (GM) creditors have rejected a program that would have swapped most of the auto company's debt for equity, effectively driving the firm into Chapter 11. The century that began with the mass production of the Model T in 1909 and ended with the worst collapse of domestic vehicle demand in history is over. It was a 100-year period when Detroit was considered the seat of global manufacturing prowess, a period when the Big Three were among the largest, and often the most profitable, companies in the world...
...Once GM comes out of Chapter 11, if it does, the U.S. government - or more accurately, the taxpayers - will own 70% of GM, and the UAW will own almost 18%. GM will have become a ward of the state...
...Administration is starting to face some resistance in Congress about its plan to put General Motors (GM) into Chapter 11, using Treasury money to sustain the company as it works its way back to profitability. The government put another $4 billion into the car company on Friday. In the process of a government-supported bankruptcy, $27 billion in bondholder capital will probably become worthless, GM workers will be laid off and hundreds of dealers will be closed...